Stoke Therapeutics eases after upsized $125 mln equity raise

Stoke Therapeutics

28/03/2024 14:57

** Shares of Stoke Therapeutics'  STOK.O  down 5.2% at
$13.44 early Thurs after co raises more equity than targeted
    ** Co late Weds announced pricing offering of 9.3 mln
shares, including pre-funded warrants to buy 3.7 mln shares, for
$125 mln gross proceeds with JP Morgan as sole bookrunner
    ** STOK surged ~38% on Weds to close at $14.17, adding to
58% gain on Tues after co announced positive early-stage data
for its epilepsy drug, STK-001, to treat Dravet syndrome
    ** Late Tues, co launched $75 mln offering to fund
development/ manufacturing of its product candidates, including
late-stage development of STK-001
    ** Co has ~46.3 mln shares outstanding for about $620 mln
current market cap, per LSEG data
    ** Including move on the session, shares up ~155% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))